The project is part of the Department of Energy’s (DOE) Green Energy Auction Program 2 (GEAP 2), which aims to install 3.4 GW of committed renewable energy capacity by 2026.
Seven international financial institutions have participated in the project financing. They are BNP Paribas (Singapore), Crédit Agricole Corporate and Investment Bank, (Singapore), DBS Bank Ltd., Intesa Sanpaolo S.P.A., (Hong Kong), MUFG Bank Ltd. (Singapore), Standard Chartered Bank (Singapore) Limited, and Sumitomo Mitsui Banking Corporation.
This landmark transaction paves the way for similar future financing facilities across the entire renewable energy sector in the Philippines, underscoring Vena Group as a regional leader in green innovation and large-scale energy infrastructure.
“This bespoke financing reflects the confidence of global banking institutions in the quality of our strategy, our team, and our projects,” said Simone Grasso, Chief Investment Officer of Vena Group.
“As the first U.S. dollar–denominated project financing in the Philippines’ renewable energy sector funded entirely by international banks, this transaction underscores Vena Group’s leadership to mobilize cross-border capital at scale to accelerate the country’s clean energy transition.”
The Opus Solar Energy Project is a ground-mounted solar facility located in Ilocos Norte, with a capacity of 300 MWp. Once operational, it is expected to generate clean energy for approximately 445,000 households1. This is equivalent to planting close to 5.8 million trees or taking 76,000 vehicles off the road, thereby reducing GHG emissions by 349,000 tons.
This milestone further advances Vena Group’s commitment to decarbonizing the economy and accelerating the energy transition in Asia-Pacific.
